Groupon fires CEO and co-founder Andrew Mason
Groupon CEO and co-founder Andrew Mason is out of the globally known daily deals site. The move comes a day after Groupon reported yet another quarter of terrible earnings.
Keeping with his irreverent humour, Mason’s farewell note to his employees begins with, “After four and a half intense and wonderful years as C.E.O. of Groupon, I’ve decided that I’d like to spend more time with my family.Just kidding — I was fired today. If you’re wondering why… you haven’t been paying attention.”
Groupon’s stock dipped 24.3% on the 28th of February, valuing the company at around $3 billion, a far cry from the $12.7 billion valuation in its I.P.O. in late 2011. However, Shares rose more than 10% after Mason’s exit was announced.
The rest of the note continues in Mason’s signature style and contains some candid revelations. This includes admitting regret for "moments that I let a lack of data override my intuition on what's best for our customers." And acknowledging, “I'm OK with having failed at this part of the journey.”
Mason also references the 9th level of the game Battletoads for NES to describe his time with the company. A level where you’re continuously chased by giant circular saw blades which chomp at your heels with every step.
The search is on for a new CEO, who will undoubtedly have a few challenges ahead of him.
Read Andrew Mason’s entire note below.
People of Groupon,
After four and a half intense and wonderful years as CEO of Groupon, I've decided that I'd like to spend more time with my family. Just kidding - I was fired today. If you're wondering why... you haven't been paying attention. From controversial metrics in our S1 to our material weakness to two quarters of missing our own expectations and a stock price that's hovering around one quarter of our listing price, the events of the last year and a half speak for themselves. As CEO, I am accountable.
You are doing amazing things at Groupon, and you deserve the outside world to give you a second chance. I'm getting in the way of that. A fresh CEO earns you that chance. The board is aligned behind the strategy we've shared over the last few months, and I've never seen you working together more effectively as a global company - it's time to give Groupon a relief valve from the public noise.
For those who are concerned about me, please don't be - I love Groupon, and I'm terribly proud of what we've created. I'm OK with having failed at this part of the journey. If Groupon was Battletoads, it would be like I made it all the way to the Terra Tubes without dying on my first ever play through. I am so lucky to have had the opportunity to take the company this far with all of you. I'll now take some time to decompress (FYI I'm looking for a good fat camp to lose my Groupon 40, if anyone has a suggestion), and then maybe I'll figure out how to channel this experience into something productive.
If there's one piece of wisdom that this simple pilgrim would like to impart upon you: have the courage to start with the customer. My biggest regrets are the moments that I let a lack of data override my intuition on what's best for our customers. This leadership change gives you some breathing room to break bad habits and deliver sustainable customer happiness - don't waste the opportunity!
I will miss you terribly.
Love,
Andrew
